SETTING UP OF HIGH LEVEL COMMITTEE TO INTERACT WITH TRADE AND INDUSTRY ON TAX LAW
SETTING UP OF HIGH LEVEL COMMITTEE TO INTERACT WITH TRADE
AND INDUSTRY ON TAX LAW
In his Budget Speech 2014-15, Finance Minister had announced
the setting up
of a High Level Committee to interact with trade and
industry and ascertain areas where clarity on tax laws is required. Accordingly, a High Level
Committee has been constituted with the following composition:-
i) Shri Ashok Lahiri, Former Chief Economic Advisor,
Ministry of Finance - Chairman
ii) Shri Sidhartha Pradhan, Retired Member,
Settlement Commission (Income Tax & Wealth Tax) - Member
iii) Shri Gautam Ray, Retired DG(Audit) Customs and Central Excise
- Member
2. The Terms of Reference(ToR) of the Committee are as
follows:-
i) The High Level Committee(HLC) will interact with trade
and industry on regular basis and ascertain areas where clarity in tax laws is
required.
ii) The HLC will give recommendations to the CBDT/CBEC for
issuance of
appropriate clarifications by way of circulars, instructions
etc. on tax issues.
iii) The CBDT/CBEC will issue the required clarifications,
circulars, instructions etc. within a period of 2 months from the date of receipt of
recommendations of the HLC.
iv) The HLC will be assisted by two Nodal Officers not below
the rank of Joint
Secretary/Commissioner, one each from Income Tax and Customs
& Central
Excise. The choice of Nodal Officers will be recommended by
CBDT and CBEC.
The appointment of the Nodal Officers will be made with the
approval of Revenue Secretary.
v) The HLC shall set its own procedures for regulating its
work.
vi) The HLC may consult experts and tax professionals from
outside as it may
consider appropriate. The HLC may also invite officers from
Department o
Revenue, including CBEC and CBDT and other Government
Departments/Agencies for interaction, as may be necessary.
vii) The Chairman and two members of the Committee will
function on part time basis and will be paid sitting fee of Rs.5000/- each per day
of the meeting,
subject to a ceiling of Rs.50,000/- each per month.
(viii) The term of the Committee shall be for one year from
the date of its constitution, subject to further extensions, as may be considered
appropriate by the Department of Revenue, Ministry of Finance.
(ix) The HLC shall submit half-yearly reports to the Finance
Minister.
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